Warren Buffett's Berkshire Hathaway Inc (BRK-A) struck a deal to buy a Phillips 66 (PSX.N) business that makes chemicals to improve the flow potential of pipelines for around $1.4 billion of stock. Phillips 66 said on Monday that Berkshire will pay for the unit, Phillips Specialty Products Inc, using about 19 million shares of Phillips 66 stock that it currently owns. "Berkshire Hathaway made a strong offer for our high-performing flow improver business," said Greg Garland, Chairman and CEO of Phillips 66 The exact number of shares Berkshire will pay for the unit will be determined by their price on the closing date, the companies said.
via Business News - Yahoo Finance http://finance.yahoo.com/news/berkshire-hathaway-buy-phillips-66-225919533.html
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